November Sees Substantial Changes in Edmonton Real Estate

Edmonton, December 2, 2022: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for November decreased by 14.8% compared to October 2022 and saw a year-over-year decrease of 31.2% from November 2021.

New residential listings decreased 22.4% month-over-month from October 2022, with a marginal decrease of 4.3% from November of last year.

Single-family home unit sales were down both 36.2% from November 2021 and 18.5% from October 2022 at 708. Condo unit sales saw a decrease of 11.0% from November 2021 and were down 5.6% from October 2022. Duplex/rowhouse unit sales were down both 42.3% year- over-year and 14.1% from last month.

Single-family homes averaged $454,541, a small 0.6% year-over-year decrease and a month- over-month loss of 1.8%. Condominiums sold for an average of $216,690, with a decrease of 4.0% year-over-year and 3.4% compared to October 2022. Duplex prices increased 4.3% from November 2021, selling at $362,606, with a 2.5% decrease from October 2022.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $373,400, signalling a 0.9% decrease from November 2021, and a loss of 1.5% from October 2022.

“We’re settling into a quieter market as we return to pre-COVID levels in the Edmonton housing market,” says REALTORS® Association of Edmonton Chair Paul Gravelle. “While we’re not seeing significant changes to our average prices from the previous month or even last year, we are seeing an impact on residential sales and the number of listings hitting the market each month. We expect this normalization to continue as we move away from the flurry of pandemic activity and back to a more balanced market.”

Single-family homes averaged 49 days on the market, increasing by five days since last month. Condos averaged 58 days on the market, increasing by three days month-over-month, while duplexes averaged 52 days on the market, increasing by four days as compared to last month. Overall, all residential listings averaged 52 days on the market, increasing by five days month- over-month and a three-day change being recorded from November 2021.

*The MLS® Home Price Index (HPI) is a measure of real estate prices that provides a clearer picture of market trends over traditional tools such as mean or median average prices. It is designed to be a reliable, consistent, and timely way of measuring changes in home prices over time. 

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